Latest on Regulation & Reform – Page 490
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British Telecom names head of pensions
UK – Kevin O’Boyle, former UK pensions director at Royal & SunAlliance, has been appointed new head of pensions at phone giant British Telecom.
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Swedish schemes to restructure amid directive
SWEDEN - Top Swedish pension funds are set to re-structure their entire portfolios in the wake of the introduction of mark-to-market valuation of liabilities as part of the pensions directive.
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Changes to UK PPF levy broadly welcomed
UK – The Pension Protection Fund’s plans to change the risk-based levy have been broadly welcomed by the industry today.
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IPE's Hurst wins SSGA fund management award
EUROPE - Martin Hurst, Features Writer at IPE Magazine, has won the Best Fund Management Trade Journalist award at State Street Global Advisors' annual UK institutional press awards.
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EU sees UCITS role in occupational pensions
EUROPE – Charlie McCreevy, the European Union’s internal markets commissioner, says UCITS investment funds are a ready-made solution for defined contribution occupational pensions.
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Watson Wyatt seeking manager researchers
UK – Consulting firm Watson Wyatt has advertised job vacancies for manager researchers, based in Reigate or London.
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Commission set to present portability directive
EUROPE – The European Commission is set to approve a delayed occupational pensions portability directive on October 20 - yet the document has already drawn fire from Germany’s occupational pensions lobby Aba.
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Fund-of-hedge-funds ‘worst for seven years’
GLOBAL – Fund-of-hedge fund managers are suffering the worst market conditions for seven years, according to Standard & Poor’s.
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CEIOPS gets closer to sister committees
EUROPE – The European pension supervisory committee CEIOPS is getting closer to its sister banking and securities committees with the signing of a memorandum of understanding.
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NAPF chairman rounds on MPs
UK – Robin Ellison, the chairman of the National Association of Pension Funds, has lambasted MPs as part of a wide-ranging critique of the UK’s pension policy apparatus.
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Belgium defies unions and raises retirement age
BELGIUM - Belgium has decided to increase the minimum age for retirement from 58 to 60, in line with recommendations from the European Commission – despite trade union concern.
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ABP unlikely to go cross-border – Maassen
EUROPE – Dutch civil service scheme Stichting Pensioenfonds ABP is unlikely to move from the Netherlands despite the new pensions directive, says the fund’s pensions director Jaap Maassen.
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UK miners’ schemes in governance move
UK – The Mineworkers’ Pension Scheme and British Coal Staff Superannuation Scheme have beefed up their governance framework via the web – a growing trend due to stringent regulations.
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Hermes expects to raise hedge allocation
UK – Hermes Pension Management – the asset manager of British Telecom’s £50bn (€74.2bn) pension scheme - today said it expects to increase its hedge fund allocation from 2% over the next few years.
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CEIOPS facing EU finance ministers’ scrutiny
EUROPE – CEIOPS, the European pensions supervisory committee, is facing scrutiny from European Union finance ministers this week.
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Dutch pension governance code leaked
NETHERLANDS - Dutch pension funds will be allowed to appoint supervisors themselves under new governance rules, according to Het Financieele Dagblad.
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Belgian unions strike over retirement age
BELGIUM - One of Belgium's largest trade unions caused chaos in the nation’s capital on Friday by striking over government plans to push back the retirement age from 58 to 60, as a way of easing the pension burden in the country.
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COMMENT: For FTK read PVK
COMMENTARY - The Dutch authorities’ decision last month to delay the FTK for pension funds by a year, while broadly expected, was still significant.
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Netherlands’ Akkermans boosts pension team
NETHERLANDS - Dutch consultancy Akkermans & Partners has hired Rob Simon as director of its new pension communication service, it said.
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E.ON reviewing investment consultant FERI
GERMANY – Watson Wyatt has confirmed that it and rival consulting firm FERI are both vying to advise energy giant E.ON on the creation of an external fund for up to €5.4bn in pension liabilities.
